A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.

Hold both legs in equal size and the price risk cancels: whatever USDJPY does, one leg gains what the other loses. What is left is the funding difference — an annualized 12.54% here, 2.11% once the round-trip fee of $2.00 per $1,000 is paid. Close before roughly 140 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.

See the same maths applied across every coin on the strategy board and the markets table.

What is the USDJPY funding rate right now?

Nado is paying -0.0002% per 1h, while Pacifica charges 0.0013% per 1h. The table above lists the current rate on all 5 venues that quote USDJPY perpetuals.

Which exchange has the best USDJPY funding rate?

It depends on your side. A long pays least on Nado; a short earns most on Pacifica. Running both at once captures the gap between them without taking a directional bet on USDJPY.

How is the annualized USDJPY funding APR calculated?

Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.

Is USDJPY funding arbitrage risk-free?

No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.